January 1, 2019: Excel Corporation issued 10 year, 10% bonds with a face value of $2,175,000. The bonds were sold to yield 11%. Interest is payable annually on January 1. 1. What is the issue price of the bonds? $ Show calculation or financial calculator inputs.) 2. Record the bond issuance on 1/1/19. Accounts |Debit Credit 3. Assume the company prepares financial statements annually on December 31. Prepare the appropriate adjusting entry for December 31, 2019 for interest and for amortization of the discount or premium if the company used straight-line amortization. 12/31/19 Accounts Debit Credit For the remainder of the problem, assume effective interest method of amortization is used. 4. Using EXCEL, prepare an amortization table for the entire bond term. Table should be properly labeled and neatly presented on one page. Amounts should have commas and be rounded to the nearest dollar. Print and attach the table to this paper. HINTS: For the Date Column, you can use the EDATE Function to easily add 12 months to your starting date and copy down to create labels for each row. To avoid rounding differences, use the PV function to calculate your initial present value (carrying value) on the issue date. Set up formulas for each cell and round all amounts to the nearest dollars (do not manually compute and key in amounts). 5. Repeat Question 3. using the effective interest method of amortization. 12/31/19 Accounts Debit Credit